Compiled by Linda Collins
Brooklyn Daily Eagle

FORT GREENE — Demonstrating that transactions are still being completed despite the current economic turbulence, AFC Realty Capital reports it has arranged $8.65 million in financing for the acquisition of land and the development of a luxury condominium project located in Fort Greene.

Joseph Fatony, principal of AFC, secured the financing for the sponsor, Carlton Mews LLC, through a local financial institution. Named Carlton Mews, the new development includes the conversion of an existing church on Adelphi Street — the former St. Michael’s Episcopal Church — and the construction of luxury townhouses on Carlton Avenue.

As previously reported in the Eagle, the project received approval from the Landmarks Preservation Commission, Community Board 2, the Fort Greene Association, the Carlton-Willoughby Block Association and Council Member Letitia James.

The LPC describes the historic buildings as follows: “A Gothic Revival-style church, designed by Marshall and Walters and built in 1888; a Gothic Revival-style chapel and parish house, designed by L.B. Valk and built in 1885; and a Greek Revival-style house built circa 1845.�

When finished the new development will include 40 high-end condominiums and 20 underground parking spaces available to homeowners, according to Fatony.

“Even in a market with much tighter financing requirements, unique projects with good underlying fundamentals are still attractive options to financial institutions,� said Fatony.

“We were able to secure the right financing due to the development's ideal position in the Fort Greene area, as well as the developer’s excellent reputation and strong standing in the industry.�

A project of Dephic Mews LLC with designs by Ken Levenson Architect, a Brooklyn firm, the homes will range in size from 650-square-foot one-bedroom units, to 1,800-square-foot three-bedroom units.

AFC Realty Capital, described as a boutique firm, has 20 years of experience arranging capital for middle market owners and developers around the country.

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